November ‘24 NFT Marketplace Recap

November 2024 saw a continuation of an uptrend in NFT trading volumes, which increased by 86.4% month-over-month (MoM). This surge in NFT trading volume is driven primarily by rising floor prices of NFTs, which was in turn driven by the increase in Ether’s price. As such, it is premature to declare this a sustained uptrend.

Most NFT marketplaces saw significant uptrends in their trading volumes last month, especially CryptoPunks and LooksRare, which saw MoM increases of 405% and 285%, respectively. That said, these metrics can be misleading.